A real estate veteran who previously sold his company to GMAC Home Services has bought it back as a franchise operation, according to a company announcement today.

Saul B. Cohen, who with Joseph Hare established Boston-based Hammond Residential Real Estate in 1991, sold that company in 2001.

A real estate veteran who previously sold his company to GMAC Home Services has bought it back as a franchise operation, according to a company announcement today.

Saul B. Cohen, who with Joseph Hare established Boston-based Hammond Residential Real Estate in 1991, sold that company in 2001.

Last year, Canada’s Brookfield Residential Property Services entered into a deal to buy GMAC Home Services LLC, including its real estate brokerage operations — GMAC Real Estate ranked fifth in transaction volume and 10th in total transaction sides in 2007 among U.S. real estate companies.

Hammond’s 12 offices will now operate as a GMAC Real Estate franchisee, according to the announcement today — the company had sales of about $1 billion in 2008.

Hammond Residential GMAC Real Estate has about 400 sales associates and employees.

Also today, GMAC Real Estate announced that two other company-owned Carlson GMAC Real Estate offices in Massachusetts have been acquired by Robert Molta, a longtime real estate industry executive, and a Carlson GMAC office in North Andover was sold to real estate veteran George Schruender.

"As part of the agreements, each of the three Carlson offices will continue to operate as Carlson GMAC Real Estate and will become franchisees of GMAC Real Estate," according to the announcement by GMAC Real Estate.

The company did not reveal the terms of the purchases.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription